Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 593,827-square-foot retail center located at 1403-1685 Simi Town Center Way in Simi Valley. The borrower’s identity was not disclosed.
According to Bobby Khorshidi, CEO of Archway Capital, “We are delighted to offer financing for this value-add property on behalf of our experienced borrowers.” He also mentioned that the new owners have a strategic plan in place to transform the center into lifestyle retail within the next year.
Jessica Carter, VP of originations at Archway Capital added that they were able to close on this non-recourse loan within just 30 days and provide bridge funding due to the fast closing timeline and repositioning plans for the property. This short-term financing will give time for renovations and attracting new tenants.
Some notable tenants currently occupying space at Simi Valley Town Center include Marshalls, Ulta Beauty, Studio Movie Grill,
Five Below,
California Pizza Kitchen,
Red Robin,
Verizon,
Corner Bakery
and Starbucks.
